Cambian Group revenue up on increased occupancy

14th Sep 2016 10:39

(ShareCast News) - Care facility provider Cambian Group posted its half-year results for the six months to 30 June on Wednesday, with revenue growth of 14% to £160.0m, which it put down to increased occupancy.The London-listed company reported adjusted EBITDA of £22.0m, up from £15.9m, which it said reflected a "strong recovery" over the prior six months from increased revenue and operating efficiencies.It said exceptional items of £6.4m were primarily financial restructuring costs, and its finance costs increased as a result of an agreed amendment of the bank facilities.Cambian reported that price negotiations with commissioners regarding the National Living Wage were progressing "satisfactorily"."The group is benefitting from the remedial actions which we have taken with both our Children and Adult Services divisions, delivering a good first half performance compared to the second half last year," said chairman Christopher Kemball."Our focus on maturing the existing portfolio is progressing well and we are seeing an increase in both occupancy levels and demand for our services.!Kemball said the company is pleased with progress in its core Children's Services business where the board sees further opportunities ahead."We are close to concluding our review of strategic options to ensure the optimal future shape for the business and expect to make an announcement in due course," he explained."The second half has started well and the business is performing in line with the board's expectations."